The awareness is there: retirement provision is very important for eight out of ten Swiss women. Surprisingly, though, 43% of female respondents are not saving for old age. So, most women are aware that they should be thinking about their pension but they’re not doing anything about it. And many are unaware of the gaps in their pension fund that have arisen due to maternity leave or part-time work. That’s why half of the women surveyed are at risk of slipping into poverty in old age.

A survey carried out by Generali Switzerland explains why so many women put off or aren’t interested in the topic of retirement provision.

Inadequate retirement provisions: Why so many women are affected

“I’m just not that interested (yet)”

Lack of interest is guaranteed to cause major financial problems sooner or later. The lack of interest is particularly pronounced among single mothers – of whom around 30% consider the topic to be unimportant. And yet they are most in need of protection for both themselves and their children in the event of disability or death. Even among young, single women who don’t have children, around a third of those surveyed are not yet interested in retirement provision.

“I don’t have enough money to pay into my pension”

Almost half (44%) of the women surveyed state that they don’t have enough money to save for old age. It is often older women who don’t have children who say this. The same problem also exists for pillar 3: 40% of women aren’t saving in their private pensions or aren’t paying money in because their budget doesn’t stretch to it. The survey shows that income is directly linked to how women approach saving for old age.

“It only became relevant after my first child”

For many women (43%), the birth of their first child is the pivotal moment when they start thinking about their retirement provision. On the other hand, just over 70% of men take care of their private pension before their first child is born. Thus, many women waste valuable years in which they could have invested their savings, benefited from positive returns or paid into pillar 3.

“Flexibility is more important to me than returns”

For women who save for old age, flexibility when parting with money is particularly important, along with a high level of security. Men have different priorities: security is important to them too, but they also want to have the biggest possible returns. So while men focus more on profit, women mainly want flexibility when it comes to their life situation, which is constantly changing. And they accept lower returns in exchange for this.

“I started to think more about it in the pandemic”

The coronavirus pandemic has shed new light on life and work situations, and therefore on the topic of retirement provision. The topic of retirement provision has become more important compared to the previous year for a third of women surveyed. Especially among those who are in a relationship and have children. The coronavirus pandemic has really changed the way people think about life and work – demonstrated by statements such as: “It is only in times of crisis that you realise how important insurance and pensions are.”

Start paying into your retirement provision now

The women surveyed are aware of how important retirement provision is. However, their personal environment has a big impact on the decisions they make. Many don’t make the most of their opportunities at a young age and only think about their pension after their first child is born.

It is important to those surveyed to have a retirement provision that can be adapted to their individual situation. The pension product also needs to be easy to understand and straightforward.

Pensions: tailored to you

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